Discarded economists rail against QE

First up, monetary curmudgeon and former RBA boffin, Stephen Grenville:

So why would it be a bad idea for the Reserve Bank to undertake QE?

To start with, it is unlikely to have much beneficial effect. America’s QE1, at the height of the 2008 financial crisis, was very effective because the Fed bought mortgage securities in a market which had frozen solid…Subsequent QE in America was much less effective.

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